Blox Estate Feature Preview — Blox Estate DeFi Yield Farming
DeFi yield farming is becoming one of the Blox Estate’s utility to earn passive income with Blox Estate Foundation.
How does DeFi yield farming work?
Yield farming requires users (often called Liquidity Providers) and a Liquidity pool (decentralized smart contracts containing pooled funds). Once this requirement is fulfilled, users can begin adding funds to the liquidity pools, which serve as, sources of exchange and lending to other users.
In return for depositing funds, users get rewards for contribution periodically, based on the underlying DeFi protocol rules. To generate compounding interest on contribution, users can further reinvest rewarded tokens back into the liquidity pool to generate higher yields. Most importantly, note that rewards are determined by the amount deposited, so higher capital translates to higher rewards.
How to use Blox Farm?
After you provide Liquidity into the ESTATE Pools, you can take your LP tokens and stake them to get yourself some extra $ESTATE.
Providing liquidity to get LP Tokens
After you select the farm you want to use – either by APR or simply because you want to hold the tokens in question – you will need to add liquidity to get your LP Tokens.
First, click on the Farm you've chosen to open up its window. If you don't already have the required LP token, click on "Get (token pair) LP" which will open up the "Add Liquidity" page.
Putting your LP Tokens into a Blox Farm
You are now ready to farm your LP tokens.
- Go to your chosen farm, click on it to expand it and hit the "Enable" button, followed by confirmation of that action in your wallet.
Wait until that button turns into "Stake LP" and click on it. - Type in the exact amount of LP tokens you want to stake or hit "Max" if you want to stake them all. At that point, click on "Confirm" and then follow through with that confirmation on your wallet.
- You will then be able to see both your staked LP tokens as well as how much $ESTATEthey’ve earned you.
Removing your LP tokens from a Blox Farm
- Go to the Farms page and click on the Farm you have LP tokens in. Once it expands, click on the "-" button to remove your LP tokens
- When the window appears, choose how many tokens you’d like to remove, hitting "Max" if you’d like to remove them all. Then, hit "Confirm" and confirm the action in your wallet too.
- Once your LP tokens have been unstaked, the $ESTATE rewards you’ve accrued will also have been automatically harvested and will appear in your wallet.
